Berkshire Hathaway 2005 Shareholder Letter

Warren Buffett released the 2005 shareholder letter for his company Berkshire Hathaway on Saturday. This is a much-anticipated annual event for investors and market enthusiasts. This year, Buffett goes after hedge funds, warns about the deficits, and says that the Berkshire board has chosen his successor. (Actually, there will be two successors, one handling Berkshire's operations and the other the investments or capital allocation.) I have my doubts about Buffett's opinions regarding macroeconomics and what we may term political economy, but as an investor he is nonpareil.